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Teesa66
August 16, 2021
Solved

Track Credits Due from a Vendor

  • August 16, 2021
  • 1 reply
  • 0 views

We frequently have to return parts to our vendors for credit. Anyone have any suggestions on how to track these in QBO to make sure we receive the credit memo from the Vendor?

Just to make things more interesting, we frequently receive credits from several different invoices on one combined Vendor Credit.

How do you track anticipated vendor credit?

Best answer by Rustler

Use vendor credit, list the items being returned and the price you expect, that sets the credit with the vendor.

When you get notice that the credit exists, edit the vendor credit you entered and insure the prices are correct.

Next order enter the bill and in pay bills apply the credit, then pay the balance due.

 

That is all there is in QB, there is no way to track what is due in vs what has been received that I am aware of

1 reply

Rustler
RustlerAnswer
August 16, 2021

Use vendor credit, list the items being returned and the price you expect, that sets the credit with the vendor.

When you get notice that the credit exists, edit the vendor credit you entered and insure the prices are correct.

Next order enter the bill and in pay bills apply the credit, then pay the balance due.

 

That is all there is in QB, there is no way to track what is due in vs what has been received that I am aware of

T
Teesa66Author
August 16, 2021

@Rustler Thanks for the quick response! 

That's what I'm doing, kind of... It's complicated because our vendors either A) sometimes send separate credit memos for each item, I guess if they're returned in separate shipments, or B) combine all credited items on one credit memo, regardless of when the items were returned. I've been using a rather involved process of entering a temporary "expected credit" vendor credit then entering the actual Vendor Credit when it's received and zeroing out the amount on the "expected credit" to clear it from the open transactions list.

 

Was really hoping that either there was a function in QBO that I just didn't know about or that someone might have a better answer.

    J
    jolie.lotz@ybs.u
    May 2, 2023

    Shockingly dysfunctional vendor credit handling ... Anything to do with credits. As if buried treasure that must be hidden and unavailable for any accounting functions. Cannot view both vendor credits and bill simultanously.  Must resort to all transactions view.  Unable to properly apply OR EVEN VIEW vendor credits at time of payment, without hunting, pecking, hairpulling and cussing.   Even with auto apply credits turned off, bill payment only offers empty boxes for QBO to autoapply an amount, no detail of where amount came from.  

    Unbelievable that paying subscribers must beg and be humbled or forced to use a thousand clicks and wasted time and energy to try to manage and apply vendor credits where vendors can see how applied or we can either.    Oh well, says QBO, just have to deal with it.

    Vendor Credits do not interact with Melio bill pay either.    

    Nothing but hype for new features that all arrive half baked.

    What a time sucking trainwreck.

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